So far in 2015 sales volume in the Saskatoon real estate market has slipped slightly when comparing figures from 2014 during the same January period. Average prices in the condo market have remained at even while single family dwelling prices have come up considerably. Last week on the local MLS in Saskatoon there were 33 single family homes which sold at an average price of $458,364 and 14 condos sold with an average price of $239,687.
When looking at the 4 week average prices from January 2014 to January 2015 it’s evident that both the single family and condominium markets haven’t been selling nearly as fast.
Year Type of Dwelling # Of Sales Avg. Price DOM Avg Selling Price Under Asking
2015 Single Family 93 $419,652 49 $10,522
2014 Single Family 115 $400,753 48 $9,704
2015 Condominium 41 $249,442 65 $2,750
2014 Condominium 58 $250,477 55 $6,272
It’s tough to make any inferences out of these numbers because of the small sample size of homes sold in a typical January. However what we can see is that sales volume is down.
We expect to see housing prices in Saskatoon to remain even this year. However with the recent interest rate decrease, we could see prices creep up in Saskatchewan. Sales volume should also increase over the coming months.
Active residential listings in Saskatoon is very high in 2015, in fact inventory has never been higher. Over the past few weeks we’ve seen record amounts of listings hitting the market and getting the jump on the spring market rush. Last year at this time there were only roughly 1150 total listings on the market in Saskatoon, and in 2015 were currently sitting at 1463 active listings as of Monday morning. Competition is fierce in the Saskatoon market, while sales have slipped a little.
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